Shares of Mitek Systems, Inc. (NASDAQ:MITK) have received an average recommendation of “Buy” from the seven analysts that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $9.33.
Several equities research analysts recently issued reports on the company. Zacks Investment Research raised Mitek Systems from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Roth Capital set a $10.00 price objective on Mitek Systems and gave the stock a “buy” rating in a research note on Saturday, June 10th. ValuEngine upgraded Mitek Systems from a “sell” rating to a “hold” rating in a research note on Saturday, June 3rd. TheStreet upgraded Mitek Systems from a “c+” rating to a “b” rating in a research note on Friday, April 28th. Finally, Benchmark Co. restated a “buy” rating on shares of Mitek Systems in a research note on Tuesday, March 21st.
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In related news, insider Jason Gray sold 7,789 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was sold at an average price of $8.20, for a total transaction of $63,869.80. Following the completion of the transaction, the insider now owns 87,211 shares of the company’s stock, valued at $715,130.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.52% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Essex Investment Management Co. LLC increased its stake in shares of Mitek Systems by 31.3% in the first quarter. Essex Investment Management Co. LLC now owns 179,561 shares of the software maker’s stock valued at $1,194,000 after buying an additional 42,822 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Mitek Systems by 35.2% in the first quarter. Russell Investments Group Ltd. now owns 71,798 shares of the software maker’s stock valued at $477,000 after buying an additional 18,679 shares in the last quarter. Malaga Cove Capital LLC increased its stake in shares of Mitek Systems by 3.4% in the first quarter. Malaga Cove Capital LLC now owns 19,575 shares of the software maker’s stock valued at $126,000 after buying an additional 650 shares in the last quarter. Thomson Horstmann & Bryant Inc. bought a new stake in shares of Mitek Systems during the first quarter valued at approximately $3,874,000. Finally, Skylands Capital LLC increased its stake in shares of Mitek Systems by 55.6% in the first quarter. Skylands Capital LLC now owns 588,700 shares of the software maker’s stock valued at $3,915,000 after buying an additional 210,332 shares in the last quarter. 39.11% of the stock is owned by institutional investors and hedge funds.
Mitek Systems (NASDAQ MITK) traded up 1.54% during midday trading on Tuesday, hitting $8.58. 173,522 shares of the stock traded hands. The firm has a market cap of $286.34 million, a P/E ratio of 124.35 and a beta of 1.17. The company’s 50-day moving average is $8.48 and its 200 day moving average is $6.94. Mitek Systems has a 12-month low of $5.26 and a 12-month high of $9.15.
Mitek Systems (NASDAQ:MITK) last announced its earnings results on Friday, April 28th. The software maker reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.02. The company had revenue of $11.40 million for the quarter, compared to analyst estimates of $10.33 million. Mitek Systems had a return on equity of 11.64% and a net margin of 5.85%. Mitek Systems’s quarterly revenue was up 33.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.07 EPS. On average, analysts anticipate that Mitek Systems will post $0.29 EPS for the current fiscal year.
Mitek Systems Company Profile
Mitek Systems, Inc develops, markets and sells mobile capture and identity verification software solutions for enterprise customers. The Company’s technology allows users to remotely deposit checks, open accounts, get insurance quotes, pay bills, as well as verify their identity by taking pictures of various documents with their camera-equipped smartphones and tablets instead of using the device keyboard.
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